# EART-2023-1
Exeter Finance · subprime · 43 monthly tapes, 2023-01-31 to 2026-07-31

**Score 7** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 22.9% |
| Cumulative net loss (of original pool) | 22.36% |
| 60+ reported (balance-weighted) | 12.28% |
| 60+ extension-adjusted (6-month lookback) | 38.45% |
| Masking gap | 2617 bps |
| Extension stock (touched in trailing 6 months) | 32.04% |
| New extensions this month | 5.55% |
| Repossessed, not yet liquidated | 1.50% |
| Recoveries / charge-offs, cumulative | 31.8% |
| Loans remaining | 9,786 · balance $138.2M |
| At issuance | 31,374 loans, $603.9M, WA score 586, WA term 74.2, used 98% |

## Flags

- **Extension-adjusted 60+ delinquency exceeds reported by more than 200bps** (`masking_severe`)
- **Cumulative net loss above the peer median at the same seasoning** (`cnl_above_band`)
- **Reported 60+ delinquency above the peer median at the same seasoning** (`dq_above_band`)
- **Cumulative recoveries under a third of charged-off principal** (`recovery_weak`)

## Reads on the desk

- DANGER: Extension masking: 60+ day delinquency reads 12.28% as reported, but 38.45% once loans returned to current by a payment extension in the trailing six months are added back. That is a 2617bps gap, on 32.0% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- HIGH: Cumulative net loss is 22.36% at month 42, against a median of 1.48% across the 19 deals on tape at the same seasoning. Above the band by 20.89 points.
- HIGH: Cumulative recoveries stand at 31.8% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 43 monthly tapes.

## The bonds on top (servicer report, 2026-07-31)

Pool $138.2M · notes $105.9M in 2 classes · overcollateralization $32.3M (23.35%) · reserve $6.1M · reported cumulative net loss 22.81% · delinquency 12.04% vs trigger 40.00%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| D | $39.1M | $105.2M | 76.1% | +$69.0M | +$32.8M |
| E | $66.8M | $38.4M | 27.8% | +$2.1M | −$34.1M |

Stress 1 = the tape's extension-adjusted 60+ balance (38.45% of pool) charged off at this deal's own severity (68%): $36.2M. Stress 2 doubles it. Hard enhancement only (junior classes + OC + reserve); excess spread not counted. Not a rating. Source: https://www.sec.gov/Archives/edgar/data/1964225/000092963826003368/eart2023-1_exhibit991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=EART-2023-1
- Data: https://getbookiq.com/intel/data/abs.json (deals[].months)
- Vintage and index curves for its lender: https://getbookiq.com/intel/#curves
- Definitions: https://getbookiq.com/dictionary/#auto-dq60a
- Source: Form ABS-EE loan tapes on SEC EDGAR. Extension-adjusted delinquency is a modeling choice: the same deal shows a gap of 562 / 1,156 / 2,191 bps at 3 / 6 / 12 month lookbacks. Never quote the gap without the window.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide